Why is that market economies can often allocate resources in a more efficient and robust way than centrally planned economies?

An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of

kirill [66]

Answer: Option (a) is correct.

Explanation:

A bank lockbox system is a type of service that is provided by the banks to the companies for receiving the payments from customers.

Under this system, all the payments that is made by the customers are going towards the special post office box.

Then bank goes to the post box, recovering the payments that is made by the customers and process them, after that banks deposited those payments into the companies bank account.

A bank communicate to its processing center. And all the documents of remittance are properly scanned, incorporates all the payment information and all the clearing updates are communicated to accounts receivable. The companies lockbox data is restored every night for the secure data storage and easily access-able.

3 0

4 years ago

When does a company account for revenue if it uses cash basis accounting?A.when the services are being performedB.when services

zloy xaker [14]

Answer:

C.when cash is received, either prior to, at the time of, or after the services are performed

Explanation:

Under the cash basis accounting, the revenue is recognized at the time when the cash is received. It can be at the time before the service performed or after the service is performed. It only involves cash transactions.

The cash basis of accounting reports the revenue earned and the expenses incurred that occurred in cash transactions only.

7 0

3 years ago

The LaPann Company has obtained the following sales forecast data:

Andreas93 [3]

Answer:

1. C) $166,000

2. B) $248,000

Explanation:

Given the forecast

Month July August September October

Cash sales $80,000 $70,000 $50,000 $60,000

Credit sales $240,000 $220,000 $180,000 $200,000

Given that for credit sales, the regular pattern of collection is 20% in the month of sale, 70% in the following the month of sale and the remainder in the second month following the month of sale.

Account receivable balance is made up of credit sales yet to collected.

The budgeted accounts receivable balance on September 30

= 10% * $220,000 + 80% * $180,000

= $22,000 + $144,000

= $166,000

The budgeted cash receipts for October

= $60,000 + 20% * $200,000 + 70% * $180,000 + 10% * $220,000

= $60,000 + $40,000 + $126,000 + $22,000

= $248,000

7 0

3 years ago

The entry to record a payment on $600 account within the 2% discount period would include

natta225 [31]

Debit to Accounts Payable for $588

3 0

3 years ago

Read 2 more answers

PROBLEM 8–31 Completing a Master Budget Hillyard Company, an office supplies specialty store, prepares its master budget on a qu

kompoz [17]

The main purpose of the sales budget is to achieve the financials objectives of the sales department.

<h3>What is a sales budget?</h3>

This refers to a financial plan that estimates a company's total revenue in a specific time period.

<h3>What is the Schedule of expected cash collections?</h3><h3> Hillyard Company</h3><h3> Sales Budget</h3><h3> For the Quarter ended march 31</h3><h3> Jan Feb Mar Quarter</h3>

Budgeted Sales $400,000 $600,000 $300,000 $1,300,000

Total Budgeted Sales $400,000 $600,000 $300,000 $1,300,000